Answer Inventory

A.
On January 1, 201

Perpetual System Periodic System
1. Purchased goods worth P130,000 on account. 1. Pur

Inventory 130,000 Purchases 130,000 2. Pai
Accounts Payable 130,000 Accounts Payable 130,000 3. Ret
4. Sol
2. Paid freight of P5,000 on the purchase above. 5. A c
Inventory 5,000 Freight-in 5,000
Cash 5,000 Cash 5,000 Requirements:
3. Returned damaged goods worth P3,000 to the supplier. 1. Prepare j
Accounts Payable 3,000 Accounts Payable 3,000 2. Compute
Inventory 3,000 Purchase returns 3,000 3. Prepare a
4. Sold goods costing P128,000 for P320,000 , on credit.

Accounts Receivable 320,000 Accounts Receivable 320,000
Sales 320,000 Sales 320,000
Cost of Goods Sold 128,000

No entry
Inventory 128,000
5. A customer returned goods with sale price of P2,500 and cost of P1,000.
Sales Returns 2,500 Sales Returns 2,500
Accounts Receivable 2,500 Accounts Receivable 2,500
Inventory 1,000
No entry
Cost of goods sold 1,000
A. On January 1, 2018, Entity A had an inventory balance of P9,000. The following transactions affected. Entity A’s in
1. Purchased goods worth P130,000 on account.

2. Paid freight of P5,000 on the purchase above.
3. Returned damaged goods worth P3,000 to the supplier.
4. Sold goods costing P128,000 for P320,000 , on credit.
5. A customer returned goods with sale price of P2,500 and cost of P1,000.
Requirements:
1. Prepare journal entries under (a) perpetual inventory system and (b) periodic inventory system.
2. Compute for the cost of goods sold under (a) perpetual inventory system and (b) periodic inventory syste
3. Prepare a statement of cost of goods sold and gross profit.
Cost of Goods Sold

128,000 1,000.00
Perpetual System 127,000.00
Periodic System
Beginning Inventory 9,000.00

Add: Net Purchases
Purchases 130,000.00
Add: Freight In 5,000.00
Less: Purchase returns & allowances 3,000.00
Purchase discounts 0.00 132,000.00
Total Goods Available for Sale 141,000.00
Less: Ending Inventory 14,000.00
Cost of Goods Sold 127,000.00
. The following transactions affected. Entity A’s inventory during the year:
500 and cost of P1,000.
ystem and (b) periodic inventory system.

inventory system and (b) periodic inventory system. The ending inventory per physical count is P14,000
Sales 320,000.00
Less: Sales Discount 0.00
Sales Returns & allowances 2,500.00
Net Sales 317,500.00
Less: Cost of Goods Sold 127,000.00
Gross Profit 190,500.00
Entity C’s records show the following information on December 31, 2018.
Sales 230,000
Sales discounts 7,000
Sales returns 15,000
Inventory, beginning 22,000
Inventory, ending 28,000
Purchases 120,000
Freight-in 5,000
Purchase discounts 3,000
Purchase returns 2,000
Freight-out 2,500
Requirement: Prepare the statement of cost of goods sold and gross profit for the period.
G. Total goods available for sale, P170,000; Net purchases, P150,000; Inventory, end., P50,000. How much is t
Beginning Inventory 20,000.00 Beginning Inventory

Add: Net Purchases 150,000.00 Ending Inventory
Less: Ending Inventory 50,000.00 Change - Increase
Beginning Inventory 22,000.00
Add: Net Purchases
Purchases 120,000.00
Add: Freight In 5,000.00
Less: Purchase returns & allowances 2,000.00
Purchase discounts 3,000.00 120,000.00
Less: Ending Inventory 28,000.00
the period.
ory, end., P50,000. How much is the change in inventory during the year? Increase (decrease)
20,000.00
50,000.00
30,000.00
Sales 230,000.00
Less: Sales Discount 7,000.00
Sales Returns & allowances 15,000.00
Net Sales 208,000.00
Less: Cost of Goods Sold 114,000.00
Gross Profit 94,000.00
Name of Company
Statement of Cost of Goods Sold
for the period ended ________________
Beginning Inventory XXX

Add: Net Purchases
Purchases XXX
Add: Freight In XXX
Less: Purchase returns & allowances XXX
Purchase discounts XXX XXX
Total Goods Available for Sale XXX
Less: Ending Inventory XXX
Cost of Goods Sold XXX
Name of Company
Income Statement
for the period ended _____________
Sales XXX
Less: Sales Discount XXX
Sales Returns XXX
Net Sales XXX
Less: Cost of Goods Sold XXX
Gross Profit XXX

Answer Inventory

Uploaded by

Copyright:

Available Formats

Answer Inventory

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Answer Inventory

Uploaded by

Copyright:

Available Formats

A.

On January 1, 201

1. Purchased goods worth P130,000 on account. 1. Pur

4. Sold goods costing P128,000 for P320,000 , on credit.

Cost of Goods Sold 128,000

1. Purchased goods worth P130,000 on account.

Cost of Goods Sold

Beginning Inventory 9,000.00

500 and cost of P1,000.

ystem and (b) periodic inventory system.

Beginning Inventory 20,000.00 Beginning Inventory

Beginning Inventory XXX

You might also like

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.